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Cannabis derived CBD is being used to treat a growing list of ailments.
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The Creso Pharma Ltd (ASX: CPH) share price is up 2% in afternoon trade.
The company closed yesterday’s trading at 51 cents and its shares are currently fetching 52 cents, after hitting an intraday high of 55 cents this morning.
Those gains will be welcomed by Creso Pharma shareholders who’ve watch the ASX medicinal cannabis share tumble 35% over the past month.
So, what’s the good news for the Creso Pharma share price today?
Today, Creso Pharma announced further progress for cross-selling opportunities with its acquisition target, Sierra Sage Herbs LLC.
Creso initially reported its acquisition intentions for the United States-based consumer packaged goods company on 3 February. Sierra Sage Herbs’ portfolio includes a range of CBD (cannabidiol) products.
The Creso Pharma share price closed up 5.9% on the day of the announcement.
In today’s release, the company reported it’s about to send 35,000 of its CannaQIX 50 lozenge products from its Switzerland-based facility to Sierra Sage Herbs in the US. Those will then be marketed through SSH’s leading Good Goo brand.
Creso said that the potential cross-selling opportunities could increase its sales in the US and accelerate new product launches.
Commenting on the progress, Creso Pharma’s CEO William Lay said:
The initial shipment of Creso Pharma Switzerland products marks an important milestone and will allow us to test the market, as well as learn how consumers will engage with the Company’s product suite. This will build an important foundation for us as we progress towards larger product launches upon closing of the transaction.
We are also very pleased with the completion of an initial ImpACTIVE product line through the group’s contract manufacturer. By leveraging SSH’s manufacturing relationships, as well as marketing, branding, e-commerce and big box retailer expertise and networks, we expect to significantly accelerate impACTIVE’s route to market.
The Creso Pharma share price may also be getting a lift from the company’s reiteration that it expects “another revenue stream for the company” from the launch of these products in the coming months.
If the past month has been difficult for the Creso Pharma share price, the past 12 months have been downright demanding.
Creso Pharma shares have tumbled 72% since this time last year. For some context, the All Ordinaries Index (ASX: XAO) has gained 5% over that same time.
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The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.
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